RANCHO CUCAMONGA, Calif. -- CO-OP Financial Services announced this morning it is introducing CO-OP Sprig, a multi-institution “virtual credit union branch” giving members the ability to make person-to-person payments and aggregate their accounts in a single portal.
CO-OP Sprig is the first phase in CO-OP’s multi-phase plan to expand the product’s P2P features and network range into a true digital wallet and beyond, to make it perform as a virtual credit union branch. In its initial phase, CO-OP Sprig is an in-network solution, allowing members to make transfers between, or payments to, any of their accounts. These transactions can include savings, checking or loan accounts residing at any credit union participating in CO-OP Shared Branching or connected to CO-OP Connect, the switch that enables CO-OP Sprig.
“CO-OP Sprig has, in fact, already been implemented by many credit unions,” said Stan Hollen, president of CO-OP. “FSCC, LLC, a part of CO-OP Shared Branching, offered CO-OP Sprig to our clients in a soft launch. Among the credit unions already using CO-OP Sprig are Northwest Resource FCU of Portland, Ore., and Cal Center CU of Ontario, Calif.
“We found CO-OP Sprig to be the perfect solution in providing mobile banking to our members,” said Linda Pettit, president of Cal Center CU. “Our members, particularly those between the ages of 25 and 40, are finding our credit union the perfect financial solution to their lifestyle and needs. Without the mobile product, we would not have been able to capture this market as soon as we would have wanted to.”
In-network me-to-me and me-to-you payments are supported in this release of CO-OP Sprig, as well as remote deposit capture via Apple iPhone. Future phases of the service will include out-of-network me-to-anyone payments, a point-of-sale option and RDC via Android-enabled smartphones.
Using CO-OP Sprig, credit union members transfer money from their deposit accounts based on the real-time good funds availability model, rather than the delayed automated clearing house (ACH) model. Members can make transfers between their accounts and immediately verify funds are available in the destination account.
There are no implementation or base monthly fees for this service.